Adani group tops up collateral on $1 billion loan after stock rout
Adani Group put up millions of dollars worth of shares to maintain its collateral cover on a $1 billion loan after a steep selloff in shares across the conglomerate, according to people familiar with the matter.
Adani on Friday added about $300 million worth of shares for a loan made by a group of banks including Barclays Plc, one of the people said, asking not to be named discussing internal matters.
The conglomerate has a dedicated basket of $2.5 billion in shares of different units that’s set aside in case they’re needed for such top-ups during price fluctuations, the people said. The loan was extended with shares pledged at 2.5 times the borrowed amount and the trigger for top-up was 2 times, the people added.
